Kite Realty Group Trust Upgraded by S&P to BBB with Stable Outlook

Core Viewpoint - Kite Realty Group Trust has received an upgrade in its issuer credit rating from S&P Ratings, reflecting improved financial stability and outlook for the company [3][4]. Company Overview - Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) based in Indianapolis, IN, specializing in open-air shopping centers and mixed-use assets [4]. - The company primarily focuses on grocery-anchored properties located in high-growth Sun Belt regions and strategic gateway markets [4]. - As of March 31, 2024, Kite Realty owned interests in 180 U.S. open-air shopping centers and mixed-use assets, totaling approximately 28.1 million square feet of gross leasable space [4]. Financial Performance - The upgrade to a 'BBB' rating from S&P is attributed to the company's successful deleveraging of its balance sheet following its merger with RPAI [4]. - S&P anticipates that Kite Realty will likely enhance its leased occupancy and rental income over the next few years due to sustained demand for its well-located properties amid limited supply in certain markets [4].